Why MARA Holdings Stock Is Soaring Today
Shares of MARA Holdings (NASDAQ: MARA) -- formerly known as Marathon Digital Holdings -- jumped as much as 19.3% higher on Thursday morning. The move, driven by an analyst-stumping earnings report, subsided to a 9.2% gain by noon, ET. Before celebrating the large price gain, it should be noted that the stock is down by 55% over the last year, including Thursday's boost.
Your average Wall Street analyst expected a fourth-quarter net loss of approximately $0.16 per share, based on revenue near $181 million. Instead, MARA reported adjusted earnings of $1.24 per share. Top-line revenue rose 37% year over year, landing at $214 million.
The company generated 2,492 Bitcoins (CRYPTO: BTC) in the fourth quarter at an average cost of $52,035 per coin. MARA also purchased 15,574 Bitcoins on the open market during this period, at an average cost of $98,531 per coin.
Source Fool.com
